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The Federal Reserve Bank of New York hosted a meeting of the OTC Derivatives Regulators’ Forum (ODRF)—a group comprised of over 50 financial regulators from around the world—over the last two days. The group reaffirmed continued coordination on matters relating to centralized market infrastructure serving the global OTC derivatives markets—central counterparties (CCPs) and trade repositories (TRs)—and discussed its work in light of recent global regulatory developments, including the publication of the report of the Financial Stability Board’s (FSB) OTC Derivatives Working Group as well as the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in the U.S., and the release in the European Union of the Market Infrastructure Regulation (EMIR) proposal.

"Recent legislative developments underscore the importance of the work of the ODRF in facilitating global coordination and cooperation in the OTC derivatives market. The Forum has made important contributions by bringing together common interests, concerns, and perspectives from different authorities across jurisdictions on OTC derivatives matters,” said Stacy Coleman, vice president and lead of the OTC derivatives efforts for the New York Fed. “We commend the collaboration among the group's participants in promoting consistent global public policy objectives and oversight approaches which are also supportive of the OTC derivatives-related commitments set forth by the G-20."

The group also met with representatives from OTC derivatives CCPs and TRs to discuss current market developments and ongoing engagement, which follows a meeting with CCP and TR representatives held in April 2009.

The ODRF includes central banks, banking supervisors, market regulators, standard setters, and other governmental authorities that have direct authority over OTC derivatives market infrastructure providers or major OTC derivatives market participants, or consider OTC derivative market matters more broadly. The group meets periodically to exchange views and share information on developments related to OTC derivatives central counterparties and trade repositories. The last meeting of the ODRF was in Rome, Italy, in June 2010.